QingTao Energy Files for IPO on HKEX, Aiming to Become the First Solid-State Battery Company Listed in Hong Kong

[Company Update] QingTao Energy has officially submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first solid-state battery company listed in Hong Kong.

Key Developments: Global Market Share of 33.6%, Yet Power Battery Gross Margin Plummets to -111.6%

From 2023 to 2025, QingTao Energy’s revenue surged from RMB 248 million to RMB 943 million, representing a compound annual growth rate (CAGR) of 134.1%. However, during the same period, its net loss widened from RMB 8.53 billion to RMB 13.02 billion, accumulating total losses exceeding RMB 31 billion. Its power battery gross margin plummeted to -111.6% in 2025.

Strategic Foundation: Heavy R&D Investment and Ramp-Up Costs Weigh on Profitability

The company attributes its losses primarily to intensive R&D expenditures and fixed costs incurred during production line commissioning. Its solid-state batteries have already been integrated into more than 30 vehicle models from brands including IM Motors, MG, and Foton, with cumulative deliveries reaching 16,800 units. Additionally, the company has expanded into energy storage applications across grid-scale, commercial & industrial, and residential segments.

Industry Impact: New Solid-State Battery Players Accelerate Capital Market Breakthroughs

As a spin-off from Tsinghua University, QingTao Energy ranks first globally in shipments of both hybrid solid-liquid and all-solid-state batteries, holding a 44.8% market share in China. Its listing process could pave the way for more technology-driven battery companies to access public capital markets.